Emily Lim owns and runs an ice cream parlor in San Diego. Last year, she had sales of $500,000 and an average tax rate of 30%. She spent $50,000 on ingredients, $25,000 on utilities, and $90,000 to rent the premises.

Emily has a few employees and paid them $100,000 in wages in total. She also paid herself a salary of $75,000 and spent $50,000 to pay for employee benefits.

A few years ago, Emily borrowed money to buy the ice making equipment. Last year, she paid $25,000 in interest on that loan. Depreciation for the equipment was $15,000.

What was operating income (EBIT) for the year?

What was net income for the year?